Advance Auto Parts to buy General Parts for $2 billion

In an acquisition that will make it the largest auto parts seller in North America, Advance Auto Parts said Wednesday that it would pay $2 billion to buy General Parts International Inc., which owns the Carquest brand.

Advance Auto Parts , based in Roanoke, Va., said in a statement that the combination of the two firms will result in annual savings and revenue improvements of $160 million within three years of closing the deal.